Northern Ireland engineering company accelerates exporting success
Factory Automation & Systems Technologies (FAST) fulfils contract with leading health technology company in the Republic of Ireland with UK Export Finance (UKEF) support.
| About the transaction: FAST | |
|---|---|
| Region | Northern Ireland |
| Sector | Manufacturing: turnkey custom solutions |
| Export destination | Republic of Ireland |
| UKEF support | Export working capital scheme |
Hi-tech manufacturer FAST secured a contract with a world-leading health technology company in the Republic of Ireland in 2016. They were asked to design and build the production line for a new ‘bio-chip’ technology, designed to provide instant diagnoses from a blood or saliva sample. With a value of £1.4 million, this was a significant business opportunity.
Under our export working capital ccheme, we provided an 80% guarantee that enabled FAST’s bank to issue a £750,000 working capital loan – a much greater sum than it could have otherwise issued.
This gave FAST the cash resource to fulfil the order and build a strong reputation with a new customer, with has already led to an additional contract. The success of this deal also enabled FAST to hire new staff and increase its capacity to take on new work and expand into new markets as customer demand continues to grow.
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